Mercury: Invoice

[GENERAL] Name and surname of main applicant

Latheesan Kanesamoorthy

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Not Incorporated)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

6

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Develop a simple, open source invoicing platform that accepts fiat, $ADA, and Cardano native assets along with the requisite reporting and information for merchants to easily begin accepting Cardano.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

All software and documentation developed under this proposal will be released under a Creative Commons 4.0 International Attribution License. Meaning that anyone is free to use the software in any way they see fit as long as they credit the original authors.

[SOLUTION] Please describe your proposed solution.

Mercury: Invoice is an extension of my work on the first Cardano-enabling plugin (Cardano Mercury WooCommerce) for WooCommerce on the WordPress platform. While this plugin makes it easy to accept a combination of fiat or Cardano on your e-commerce store, creating, sending, and getting paid for invoices on the WooCommerce platform leaves much to be desired.

Some limitations of this current proof of concept are:

• Requires WordPress which comes with its own technical and infrastructure complexities
• WooCommerce was designed primarily for e-commerce storefronts and does not lend itself well to irregular invoicing
• Currently this plugin does not support Cardano Native Assets

In order for a user to use and implement Cardano Mercury as it currently exists, one must install a WordPress installation, the WooCommerce plugin, the Mercury plugin, plus additional plugins for fiat currencies and other functionality, then navigate the WordPress interface to create both products and customers before creating orders and then sending payment links to customers.

There are many freelance agents currently operating in the Cardano ecosystem who regularly exchange $ADA and Cardano Native Assets in exchange for goods and services, usually by sharing a $handle and waiting for the other party to send funds. This is great until the end of the year when you need to figure out what you got paid, when, by whom, and what for (particularly for tax reasons).

Mercury: Invoice aims to close this gap by bringing online a standalone, open source solution for simplified invoicing for merchants that is capable of accepting payment in fiat, $ADA, or Cardano Native Assets of your choosing while keeping records of all of your customers, transactions, what you got paid, and when.

As part of this Catalyst proposal we will develop the system with the intent to deploy a working SaaS-model as well for those who do not wish to operate their own infrastructure to ensure that the platform is as accessible as possible to all interested parties.

Planned features to be included in the “Version 1.0” release of Mercury: Invoice as part of this proposal include:

• Create Customer Records
• Create Products and Services Library
• Create Invoices for Customers
• Successful Detection and Acknowledgement of Payment
• Invoice Reminders [automated + manual]
• ADA:USD pricing strategies
• API + Webhook Integrations
• Basic Reporting & Data Export
• Login/Authentication Security
• Deployed as SaaS to Preprod
• Multi-Tenant Support
• Role based Access Control
• UI/UX Developed
• Commit to operate for 1 Year
• Multi-currency invoice payment support 
• Fiat
• Stripe
• PayPal
• Square
• Crypto
• ADA
• Cardano Native Assets

[IMPACT] Please define the positive impact your project will have on the wider Cardano community.

Mercury: Invoice will enhance both the creator/merchant economy that already exists in the Cardano ecosystem as well as provide pathways to additional, traditional merchants to begin accepting payment in Cardano and its native assets by creating a simple, affordable, and easy to use platform.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

In the past two years, I have served as the Chief Technology Officer at DripDropz and co-founded Tokhun.io, one of the first NFT marketplaces on Cardano. Currently, I am leading the development of the next iteration, TokenRiot.io. Prior to these roles, I worked as a Senior Engineer at MVF Global, a London-based digital marketing firm, for a duration of seven years. I hold a Bachelor of Science degree in Computer Science from the University of Hull, England.

Throughout my career, I have gained extensive experience in building scalable and secure backends, with a strong passion for A.I. and Blockchain technologies. I have also contributed to several open-source projects, including Heidrun, GateKeeper, and Unfrack.it, among others.

[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?

• UI/UX Development
• User Journey
• Figma

• Basic SaaS structure
• Manage Customer Records
• Manage Products and Services Library

• Manage Customer Invoices
• Invoice Reminders [automated + manual] 
• Basic Data Export (Customers, Products, Invoices)

• Payment Processing
• ADA:USD Pricing Strategies
• Payment Detection Webhooks

• User API
• Additional Event-Driven Webhooks
• Payment Details Reporting

• Full End-to-End SaaS Deployment on Preprod
• Go-to-Market Strategy
• Demo videos/documentation
• 1 year server operational runway for SaaS

[RESOURCES] Who is in the project team and what are their roles?

Lead Developer: Latheesan Kanesamoorthy

Junior Developers (3): NGong Blockchain Lab

UI/UX: Dmitry Yakovich

Marketing Strategy Development: Doug Brown

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.

Budget: $14,464/month (48,213 ADA @ $0.3 per month)

This is average spend over the entire 6-month period. Some months and milestones may require more or less of a certain individual’s time.

• Project Management: ($45/hr @ 32 hours): Outsourced: $1,440/month
• UI/UX Development: ($100/hr @ 20 hours): $2,000/month
• Lead Developer: ($150/hour @ 40 hours): $6,000/month
• Developers: 2x ($60/hour @ 40 hours): $4,000/month
• Marketing Strategy Development: ($32/hour @ 32 hours): $1,024/month

Closeout: $17,464 due at closeout (58,214 ADA @ $0.3)

• Operational Overhead: 12 months @ $1,000/month
• Lead Developer: ($150/hour @ 20 hours): $3,000/month
• Marketing Strategy Development: ($32/hour @ 32 hours): $1,024/month
• Project Management: ($45/hr @ 32 hours): Outsourced: $1,440/month

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

This proposal offers excellent value for money. The requested budget of 299,279 ADA (approximately $89,784 at current prices) is very reasonable for the scope of work outlined, which includes designing, building, and launching an open-source invoicing platform over 6 months.

The team assembled has strong capabilities, with an experienced lead developer and UI/UX resource. The breakdown shows efficient use of funds, with the majority going towards technical development. Operational costs after launch are also budgeted.

Overall, the proposal represents an affordable way to create an easy-to-use Cardano invoicing solution that can drive further adoption of the network. The open-source nature also means the broader community can benefit from and build on the platform over time.

[IMPORTANT NOTE] The Applicant agrees to Fund Rules and also that data in the submission form and other data provided by the project team during the course of the project will be publicly available.

I Accept